LG Electronics Q2 Revenues Climb, Sees Weak Operating Profit; Stock Up

Shares of LG Electronics Inc. (LGEPF.OB) were gaining around 3 percent in South Korean trading after the electronics major reported Thursday a 15 percent year-over-year increase in second-quarter revenues to 19.5 trillion Korean won.

Operating profit for the second quarter would be 791.7 billion won, down 12 percent from the previous year.

The company, which terminated production and sales of solar panel at the end of June, has treated the business as a discontinued operating loss in the latest quarter.

Applying the same standards to the same period last year, LG said it would have recorded a revenue of 16.9 trillion won with an operating profit of 900.1 billion won.

The company will announce details regarding each division officially later this month.

In South Korea, LG Electronics shares were trading at 96,200 won, up 3.33 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Longmont Colorado -based Royal Crest Dairy is recalling 2% Chocolate Milk citing the potential to be contaminated with undeclared egg, a known allergen, the U.S. Food and Drug Administration said. The recall involves Farmer's 2% Reduced Fat Chocolate Milk Pints with the code date of AUG-22. ANI Pharmaceuticals, Inc. (ANIP) Monday announced a wider loss for the second quarter, despite a 52 percent surge in revenues. For the full year 2022, the company reiterated the adjusted earnings per share range, revenue guidance and raised Cortrophin revenue outlook. The company reported a quarterly... Shares of BioNTech SE were losing around 4 percent in the morning trading in Germany and around 5 percent in the pre-market activity on Nasdaq after the German Covid-19 vaccine maker reported sharp drop in profit and revenues for the second quarter. However, the company recorded strong growth in first-half results. Further, the company maintained BioNTech COVID-19 vaccine revenue guidance
Follow RTT